by Angie | Jun 7, 2022 | 1040, Dependent, Taxes
The finish line is finally here…. Line 29 is for the American Opportunity Credit. This is an education credit that can be taken for students in college. It helps reduce the amount of taxes owed or may even increase your refund. You will need to fill out Form 8863,...
by Angie | May 27, 2022 | Additional, Taxes
Line 23 refers to Schedule 2, which is a list of other possible taxes owed that are not listed directly on the 1040. Examples of other possible taxes are self-employment taxes, household employment taxes or if you received excess advance premium tax credit and need to...
by Angie | May 12, 2022 | Schedule 3, Taxes
Line 20 refers to Schedule 3 which is to be filled out if you have additional credits that aren’t listed directly on the 1040, such as adoption credits and residential energy credits. Part I lists nonrefundable credits, credits that reduce the amount of taxes owed,...
by Angie | Apr 28, 2022 | Child, Dependent, Taxes
If you have children or dependents, then you will want to fill out Schedule 8812. This is 3 pages of math equations that seem to wind in so many paths just to give you an amount to enter on your 1040. I can’t even imagine how they came up with this. Someone at the IRS...
by Angie | Apr 19, 2022 | Distribution, Taxes
Now we get to figure out how much tax is due (line 16). I know…exciting right!? Use the tax table in the instruction handbook to locate the line with the amount entered on line 15 on your 1040. Then navigate to the column based on how you are filing (single, married,...
